New Look founder to step down

Following completion of its restructuring transaction announced on 3 May 2019 New Look’s founder, Tom Singh, has decided to retire at the end of June. Singh founded the fashion retailer in 1969 turning a single store in Taunton into a high street regular with around 400 stores across the UK and ROI. The news comes after New Look reduced existing long term debt by £1bn to £350m last month, as part of its comprehensive financial restructuring. As part of the restructuring the retailer has also announced changes to its leadership team. Angela Luger, Colin Henry and Robin Terrell have all been appointed as non-executive directors effective 6 June 2019, alongside the appointment of Richard Cotter as a non-executive director effective 3 May 2019. The newly appointed directors will join Alistair McGeorge, Richard Collyer, John Gnodde and Paul Gilbert on the board. Angela Luger is a board member of Portmeirion, ScS and the Hiring Hub and was CEO of N Brown Group from 2013 to 2018. Colin Henry is a senior advisor to McKinsey and Co. in its global apparel, fashion and luxury practice. Previously he was CEO of Jaeger. Robin Terrell is chair of Wetsuit Outlet and holds non-executive directorships at Karen Millen, William Hill, Amara Living and Ahlens. Between 2013 and 2016, and held a number of positions at Tesco plc, including chief customer officer and interim UK managing director. Richard Cotter chairs a number of private companies including American Golf, Grace Cole Ltd, Jollyes and Outdoor Holdings, and previously chaired Jack Wolfskin. Commenting on the changes Alistair McGeorge, executive chairman, said: “On behalf of the board, I would like to thank Tom for his immense contribution to New Look over the past 50 years. His vision in pioneering ‘fast fashion’ has supported New Look’s growth from a single shop in Taunton into a leader in the UK womenswear market. We look forward to continuing Tom’s legacy and further strengthening New Look’s market position. “I am delighted to welcome Angela, Colin, Robin and Richard to the board. They bring a wealth of retail experience and expertise that New Look will benefit from as we continue our turnaround and rebuild our position in the UK womenswear market following the successful completion of our financial restructuring.”

New Look founder to step down

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